Solution-Complete the balance sheet

Complete the balance sheet

Reference no: EM13833377

Complete the yellow highlighted cells on the balance sheet and income statement using the following information:

	2010	2009
Accounts Receivable	$1,200,000	$1,000,000
Allowance for Doubtful Accounts	35,000	50,000
Income Tax Expense	100,000	120,000


Blue Bill Corporation
Income Statement
For the year ended 2010
	2010	2009
Net sales	$4,250,000	$5,175,000
Cost of goods sold	$2,220,000	$2,605,000
Gross Profit
Operating Expenses	$650,000	$720,000
Other Expenses	$120,000	$115,000
Earnings Before Interest and Taxes (EBIT)
Net interest expenses	$0	$15,000
Income Tax Expense
Net Earnings
Earnings per share (1,250 shares issued)


Blue Bill Corporation
Balance Sheet
December 31, 2010
	2010	2009
Current assets
Cash and cash equivalents	$500,000	$450,000
Accounts receivable
Less: Doubtful accounts
Inventory	$2,912,000	$1,980,000
Other current assets	$45,000	$50,000
Total current assets
Net property, plant, and equipment	$250,000	$200,000
Other assets	$16,000	$15,000
Total assets

Current liabilites
Accounts payable	$1,000,000	$900,000
Other current liabilities	$35,000	$22,000
Long-term debt	$900,000	$930,000
Equity		$1,793,000
Total liabilities and equity

Reference no: EM13833377

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Complete the balance sheet

Reference no: EM13833377

Reference no: EM13833377

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